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Navin Fluorine Q4 Results Review: ICICI Securities Downgrades The Stock To 'Hold', Cuts Target Price
ICICI Securities remains impressed by the evolution of Navin Fluorine’s business and future outlook, and management walking the talk; downgrade is only on fair valuations.
12 May 2025, 10:41 AM IST 
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Navin Fluorine’s gross profit margin was down 240bps QoQ to 54.2% due to higher raw-material cost (such as sulphur).
(Source: Ivan Samkov/pexels)
Navin Fluorine’s Q4 FY25 revenue was up 16.4% YoY/15.6% QoQ to Rs 7 billion aided by growth across segments. HPP segment revenue stood at Rs 3.3 billion, up 9.8% YoY/6.5% QoQ. Domestic HPP revenue jumped 30.7% YoY on strong off-take in R-32 and better realisations in both R-32 and R-22. However, HPP exports contracted 5.4% YoY on optimal utilisation of HFO plant as contracted; and phase-down (32.5% cut from baseline capacity) of R-22...
